Warner Music Group Corp. announces its second-quarter financial results for the period ended March 31, 2014.

Here are the highlights:- Revenue declined 3% on a constant-currency basis- Digital revenue increased 6% on a constant-currency basis - Cash balance improved to $149 million for the quarter ended March 31, 2014 from $129 million for the quarter ended December 31, 2013 - Net loss was $59 million versus net income of $4 million in the prior-year quarter

“We have begun to see the strength in our release schedule for the remainder of the fiscal year,” said Stephen Cooper, Warner Music Group’s CEO. “Through our A&R, marketing and promotional efforts, we continue to discover and develop new artists and further the careers of established artists.”

“We were very pleased to complete another successful refinancing last month, which will generate cash interest savings of approximately $30 million per year,” added Brian Roberts, Warner Music Group’s Executive Vice President and CFO. “We remain strongly committed to delivering solid free cash flow in the quarters to come.”

For the quarter, revenue declined 3.3% (or 2.7% in constant currency). Excluding the July 1, 2013 acquisition of Parlophone Label Group (“PLG”), revenue declined 13.9% (or 13.4% in constant currency), due to a lighter release schedule than in the prior-year quarter. Including PLG, the growth in artist services and expanded rights revenue, digital revenue and Recorded Music licensing revenue was more than offset by declines in Recorded Music physical revenue and Music Publishing mechanical and performance revenue. Constant-currency revenue growth in the U.K., Italy, France and other parts of Europe, driven in part by the PLG acquisition, was more than offset by declines in the U.S., Canada, Japan and other parts of Asia. Digital revenue grew 5.0% (or 5.7% in constant currency), and digital revenue represented 45.2% of total revenue, compared to 41.6% in the prior-year quarter. Growth in digital revenue reflects the acquisition of PLG as well as growth in streaming revenue, partially offset by declines in download revenue largely resulting from the release schedule. Excluding PLG, digital revenue declined 5.3% (or 4.7% in constant currency).

Adjusted net loss was $26 million compared to adjusted net income of $7 million in the prior-year quarter.

As of March 31, 2014, the company reported a cash balance of $149 million, total long-term debt of $2.869 billion and net debt (total long-term debt, including the current portion, minus cash) of $2.720 billion. There was no balance outstanding on the revolver as of March 31, 2014.